摘要：It is one of the basic tools in fighting against inflation to increase independence of the central banks. But the findings of the research for performances of different countries show that an increase of independence level of central banks effects economic growth negatively. In this paper the relationship between the independency of central bank and economic growth will be analyzed by taking some country cases into account. The aim of this paper is that shows the relationship between the volatility of economic growth and independence of central banks for countries including Brazil, United Kingdom, Turkey, Chile and Israel. In this context in econometrical part we use panel OLS method with the reel GDP data of countries and dummy variable which represent independence of central bank for analysis. We expect that independence of central bank affects economic growth volatility positively.
关键词：central bank independence; economic growth; GDP; inflation rate; panel regression.
